An Oct 16th expiration 24/25.5/31.5/33 Iron Condor
POP (Probability of Profit): 67%
Max Profit/Buying Power Effect: .28 credit/contract; 1.22/contract
Notes: I have gone narrower here on the wings with a 1 1/2 wide in order to conserve buying power for other plays. Naturally, going wider yields a greater credit (3-wide wings with the same short strikes yields .35 credit/contract). Given the small credit received due to the price of the underlying, I generally go bigger in terms of the number of contracts with these types of plays. Look to take the entire setup off for 50% max profit.